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| Right to subscribe the additional shares arises on the date when the company decides to come out with the right offer Posted: 05 Jul 2010 10:12 AM PDT 
The right to subscribe for additional offer of shares/debentures on rights basis comes into existence when the company decides to come out with the rights offer. Prior to that, such right, though embedded in the original shareholding, remains... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | An appeal can be filed against the order of the Assessing Officer giving effect to the Mutual Agreement Procedure (MAP) resolution Posted: 05 Jul 2010 10:08 AM PDT 
The ITAT answered the question in favour of the tax payer by holding that an appeal can be filed against the order of the AO giving effect to the MAP resolution. Further, ITAT held that the percentage of 10% be applied to net income after reducing... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 50C of the Income Tax Act not applicable in case the property held as business asset Posted: 05 Jul 2010 10:05 AM PDT 
It is not in dispute that the activity of the assessee is of property promoter. As the property in the hands of the assessee was treated as business asset and not as capital asset, there is no question of invoking the provisions of section 50C of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Announcement for students appearing in November 2010 examination Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] Posted: 05 Jul 2010 09:53 AM PDT 
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Announcement for Certified Filing Centre under MCA 21 e-governance Programme Posted: 05 Jul 2010 09:46 AM PDT 
The Ministry of Corporate Affairs had introduced the MCA21 e-Governance programme with a view to improve the speed and certainty in delivery of MCA services in a transparent manner. This improvement is ensured primarily through the mechanism of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Incentive for candidates filling the CA examination application forms (Nov 2010 Exams) thru Online mode Posted: 05 Jul 2010 09:41 AM PDT 
As an incentive for the candidates filling the Online CA examination application forms, the cost of application form of Rs. 100 will be waived off (which is used to be recovered from the candidates submitting the online application forms). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Announcement for students appearing in November 2010 examination PCC/IPCC [Taxation] Posted: 05 Jul 2010 09:38 AM PDT 
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11 are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Revalidation of Import Authorisation for Restricted Items (except SCOMET items)- DGFT Policy Circular No.36/2009-2014 Posted: 05 Jul 2010 09:31 AM PDT 
Para 2.13.3 further provides that an application for revalidation (including for restricted items), may be made to Regional Authority (RA) concerned. RA would consider such application as per Government rules/notifications and where DGFT is... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Inter-changeability of pharmacopeia suffix USP/EP/BP/JP/IP with the export product for fulfillment of Export Obligation-DGFT Policy Circular No. 35/2009-14 Posted: 05 Jul 2010 09:31 AM PDT 
he exporter submits the export documents containing the export product suffixing another pharmacopoeia, say BP, the Zonal/Regional offices sometimes do not accept such exports towards fulfillment of export obligation. It has been suggested that the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 637 of the Companies Act, 1956 – Delegation by Central Government of its powers and functions under Act – Powers delegated under section 240(1)(a), 240(1A), 240(2)(b) and 240(3)(b) to the Director, Serious Fraud Investigation Office Posted: 05 Jul 2010 07:56 AM PDT 
In exercise of the powers conferred by sub-section (1) of Section 637 of the Companies Act, 1956, the Central Government hereby delegates its powers under clause (a) of sub-section (1) of Section 240, sub-section (1A) of Section 240, clause (b) of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2010 – Amendment in Schedule II Posted: 05 Jul 2010 07:54 AM PDT 
In exercise of the powers conferred by section 5 and sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Competition Commission of India (Return on Measures for the promotion of Competition Advocacy, Awareness and Training on Competition Issues) (Amendment) Rules, 2010 – Amendment in rule 3 Posted: 05 Jul 2010 07:50 AM PDT 
In the Competition Commission of India (Return on Measures for the promotion of competition Advocacy, Awareness and Training on Competition Issues) Rules, 2008, in rule 3, for sub-rule (5), the following sub-rule shall be substituted, namely :- [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Govt may review Public Sector banks freedom to apoint auditors Posted: 05 Jul 2010 07:43 AM PDT 
The finance ministry may put on hold the final phase of its two-year-old road map that was meant to give complete freedom to public sector banks (PSB) to choose their statutory central auditors. The Institute of Chartered Accountants of India... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Certified Filing Scheme (CFC) of the Ministry of Corporate Posted: 05 Jul 2010 07:25 AM PDT 
The Institute is pleased to inform that the Certified Filing Scheme of the Ministry of Corporate Affairs for practicing Company Secretaries will be officially opened from the 1st of July, 2010. To facilitate the registration process, the Company... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | One held for attacking chartered accountant Posted: 05 Jul 2010 01:39 AM PDT 
Mumbai: A 40-year-old man was nabbed by the suburban crime branch for robbing a chartered accountant (CA) at Goregaon (W) recently.Mehul Vora (47) was at work when Rafiq Shaikh and his three aides barged into his office at Jawahar Nagar on June 1.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | ICAI sees huge shortage of practising Chartered Accountants Posted: 05 Jul 2010 01:34 AM PDT 
The Institute of Chartered Accountants of India (ICAI) is trying hard to get more professionals into practise. "At present more than 80 per cent of chartered accountants are employed with some company or the other. Very few opt to take up practice.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Change in EDLI Benefits Posted: 05 Jul 2010 01:25 AM PDT 
On the death of an employee, who is a member of the Fund or of a provident fund exempted under Section 17 of the Act, as the case may be, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 144C of the Income-tax Act, 1961 – Reference to Dispute Resolution Panel – Constitution of Dispute Resolution Panel (DRP-II, Mumbai) Posted: 04 Jul 2010 09:35 PM PDT 
In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 1/FT&TR/2010 dated 10th February, 2010 the Board hereby constitutes the Dispute Resolution Panel (DRP-II, Mumbai) comprising of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Notification Nos. 28 to 32, 35, 37, 38, 40 to 43, 47 to 55/2010, dated 17-5-2010 Posted: 04 Jul 2010 08:33 AM PDT 
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 844(E), dated the 17th October, 1995, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 60(E), dated 22-1-2003 Posted: 04 Jul 2010 08:21 AM PDT 
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 60(E), dated the 22nd January, 2003, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 96(E), dated 11-2-1999 Posted: 04 Jul 2010 08:20 AM PDT 
Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O. 96(E), dated the 11th February, 1999, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 461(E), dated 5-4-2004 Posted: 04 Jul 2010 08:14 AM PDT 
Construction of home for mentally and physically challenged children and running of the project by Society of Friends of Sassoon Hospital, Room No. 87, Sassoon General Hospitals, Pune- 411001, as an eligible project or scheme for a period of three... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 878(E), dated 30-11-1992 Posted: 04 Jul 2010 08:11 AM PDT 
Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue), number S.O. 591(E), dated the 20th August, 1997, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 466(E), dated 29-3-2007 Posted: 04 Jul 2010 08:09 AM PDT 
And whereas the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 97(E), dated 11-2-1999 Posted: 04 Jul 2010 08:06 AM PDT 
And whereas the National Committee for Promotion of Social and Economic Welfare, being satisfied that the said project or scheme is being executed properly, made a further recommendation under sub-rule (5) of rule 11M of the Income-tax Rules, 1962... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  | | Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Amendment in Notification No. S.O. 399(E), dated 6-6-1996 Posted: 04 Jul 2010 07:59 AM PDT 
"Construction, furnishing, equipments and running of hospital at Crozaria, District Mehsana, Gujarat" by Smt. Samarathben Chunilal and Sheth Dosabhai Madhavji Sarvajanik Trust, Crozaria, District Mehsana, Taluk - Vijapur, Gujarat, as an eligible... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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